Two Chase branches in Canton and Pikesville opened their doors for the first time earlier this month and more are on the way as the bank shows no signs of slowing down its aggressive expansion in Maryland.
In total, JPMorgan Chase & Co. (NYSE: JPM) plans to debut its famous blue octagon in six Maryland locations this year with several more branches expected to open next year. Besides Canton and Pikesville, branches will open this year in Greenspring Station, Dundalk and Laurel as well as in Prince George's County.
The continued push by JPMorgan Chase, the largest retail bank in the U.S., marks a significant contrast from the strategy most competitors have adopted during the Covid-19 pandemic. Faced with tight profit margins amid record-low interest rates, banks across Maryland have followed a national trend by closing and consolidated branches. The pandemic has also accelerated the transition to digital banking by forcing customers who were originally reluctant to use online services.
Chase opened its first five branches in Greater Baltimore in 2019 followed by two more in January 2020. The bank planned to open several more during the year but then "the floor was taken out from under everyone" by the pandemic, said Elana Thorton, Baltimore market director.
While Chase's expansion slowed, it did not stop. Thornton said the bank had to figure out ways to interview people safely for jobs. It also had to deal with permitting issues and ensure construction workers were safe while they built the branches.
"Honestly we had to pivot in everything that we did to still continue our growth," Thornton said. "But even as the pandemic was going on we opened a branch in June, a few more in August and September, and we continue to open branches into this year."
The Greenspring Station branch is expected to open in April, Thornton said. The Dundalk branch has a scheduled opening date in August and the Laurel branch should debut in September. Thornton said opening dates are subject to change depending on various factors. Branches slated for 2022 could also open earlier than planned.
One of the branches planned for 2022 will be at the Chesapeake Square Shopping Center in Glen Burnie. Another branch will be located near Upper Marlboro in Prince George's County.
Other locations eyed by Thornton include Annapolis, a second one in Pikesville and Howard County. Chase previously applied for a branch at the site of a closed Ruby Tuesday at 6080 Daybreak Circle in Clarksville but withdrew the application last summer.
The bank still plans to open a branch in Clarksville, Thornton said. Chase doesn't yet have a Howard County branch, though the bank does have an ATM location at the m.flats apartment complex across from the Mall in Columbia.
"We continue to look for opportunities," Thornton said. "I know Howard County is a big area. People keep asking us, 'When are you coming, when are you coming?' It's an ongoing process and I don't think we're close to stopping."
Thornton could not speak to what why the expansion into Howard County has taken longer than in other jurisdictions. She said if she had it her way, she would take every opportunity she could to enter the market.
"I believe in what the firm stands for," Thornton said. "I believe in our commitment to not only be a community bank, but to build community. I believe in what we stand for in reference to our approach to helping our clients make the most of their money so they can make the most of their lives."
In total, Chase plans to open 70 retail branches in Maryland, D.C. and Virginia over the next few years. Of those, about 20 will be located in Greater Baltimore. So far the bank has opened nine full-service branches in Greater Baltimore in addition to several ATMs throughout the region.
One of Chase's most notable branch openings in 2020 was in Cherry Hill. There, Chase opened the first bank branch in the historically Black neighborhood's history. Thornton described the branch as "the light that guides us to what we should be doing in so many other communities."
The bank has looked into opening branches in other historically neglected neighborhoods in West Baltimore and East Baltimore, Thornton said. For now, though, nothing is imminent.
"When a company, a firm, a business, whatever is in the community that's a win-win," Thornton said. "The community wins, we win, the employees win, clients win. We hire from the communities. Our partners come from those communities when they normally wouldn't have. I'm all for going gangbusters. Bring it on."
